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If you're one of the many Final Cut Pro users unhappy with Apple's latest version -- and you haven't been lured into Adobe's open arms -- today brings good news. According to MacRumors, Cupertino will continue to offer the previous, discontinued version via telephone sales. Calling 800-MY-APPLE and asking for Final Cut Studio (part number MB642Z/A) will net you Final Cut Pro 7, Motion 4, Soundtrack Pro 3, DVD Studio Pro 4, Color 1.5 and Compressor 3.5 for $999, or $899 for qualified educational customers. That's a far cry from the $299.99 for Final Cut Pro X, but if you're interested in, say, opening legacy projects or outputting to tape, you might grudgingly pony up the extra dough.

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During our call to discuss Final Cut Pro X earlier this week, an Apple product manager boasted about the product's low price, media management, and ground-up redesign. Unfortunately, when starting from scratch, developers seem to have overlooked a few features that professional users have come to depend on, prompting widespread backlash -- both on internet forums and even on Apple's own App Store, where the $300 download-only app currently has a rating of just 2.5 stars (out of five), including nearly 500 one-star ratings. (Note: you must purchase the app before submitting a rating or review.) The New York Times spoke to product managers about these issues, which include an inability to import old FCP files, no multicamera editing, no support for RED cameras, and no ability to specify QuickTime export settings, among many others. Apple says there are (pricey) workarounds available, or fixes on the way for all but the first issue, but head over to the source link for the full rundown at NYT.

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The web is abuzz with talk of Apple's new slimmed-down, low-cost Final Cut Pro X, but Cupertino's beloved video editing platform has also caused quite a stir among professionals, who note its lack of features and glaring absence of backwards compatibility. Conan O'Brien's editors have already downloaded the new app, and threw together a segment for last night's show highlighting some of its new features. Jump past the break for a clip of Final Cut Pro's 90 seconds of fame, or warm up that credit card and head over to the Mac App Store to give it a spin for yourself. Just don't dump Final Cut Pro 7 yet -- you'll need to have it around to open legacy projects, output to tape, utilize multiple editing sequences, and access Photoshop layers, along with one or two other tiny omissions.

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At last! Just as promised, Apple's long-awaited Final Cut Pro X is now available on the Mac App Store for just $299.99, meaning keen editors can immediately grab hold of this suite to crack on with some real-time4K video editing. Of course, this is assuming that you have a 64-bit Mac rig with beastly specs in the first place -- check with Apple to make sure that you're all set to go. Accompanying this major software release are Motion 5 and Compressor 4 kits, both of which will cost you an extra $49.99 each, so make that roughly around $400 for the full monty. Press release after the break, but we guess you folks are already busy trimming clips on that magical Magnetic Timeline, so good luck in next year's Oscars.

Update: We spoke to Apple and confirmed that there won't be a boxed version, upgrade pricing, or "Express" version available. Individual users can purchase a single license to use on multiple machines that they own, while business users will need to purchase one license per machine. Volume education pricing is available for purchase by institutions only.